Books for the new year Part 2
My absolute favorite book on personal finance is The Richest Man in Babylon. It’s a good story which helps the financial principles stick. I love the simplicity. There are plenty of good books that get into the details of which funds are most appropriate in your 401k. Richest Man is not one of those books. This book gives basic steps that you can take now to move toward financial independence.
Some of the timeless advice:
1. Decide to improve your financial lot in life.
2. Save at least 10% of your income.
3. Come up with a plan to pay back your debts while keeping your living expenses low.
4. Make sound investments with your 10% savings.
I have read this book each year for the past several and will continue to do so. Please join me.
Tags: books, personal finance
February 2nd, 2009 at 6:33 pm
I read this one once myself, its a great read even if you have little interest in finance. Like he said, the concepts in the book are the staples of financial success but put in such a story, the benefits of these principles are easily recognized.